Nev. Admin. Code § 645.605 - Considerations in determining certain misconduct by licensee
In determining whether a licensee has been guilty of gross negligence or incompetence under paragraph (h) of subsection 1 of NRS 645.633 or conduct which constitutes deceitful, fraudulent or dishonest dealing under paragraph (i) of that subsection, the Commission will consider, among other things, whether the licensee:
1. Has done his or her
utmost to protect the public against fraud, misrepresentation or unethical
practices related to real estate or time shares.
2. Has ascertained all pertinent facts
concerning any time share or property for which the licensee accepts an
agency.
3. Has attempted to provide
specialized professional services concerning a type of property or service that
is outside the licensee's field of experience or competence without the
assistance of a qualified authority unless the facts of such lack of experience
or competence are fully disclosed to his or her client.
4. Has disclosed, in writing, his or her
interest or contemplated interest in any property or time share with which the
licensee is dealing. The disclosure must include, but is not limited to, a
statement of:
(a) Whether the licensee expects
to receive any direct or indirect compensation, dividend or profit from any
person or company that will perform services related to the property and, if
so, the identity of the person or company;
(b) The licensee's affiliation with or
financial interest in any person or company that furnishes services related to
the property;
(c) If the licensee
is managing the property, his or her interest in or financial arrangement with
any person or company that provides maintenance or other services to the
property;
(d) If the licensee
refers one of his or her clients or customers to another person or company,
such as a contractor, title company, attorney, engineer or mortgage banker, the
licensee's expectation of a referral fee from that person or company;
and
(e) If the licensee receives
compensation from more than one party in a real estate transaction, full
disclosure to and consent from each party to the real estate transaction. A
licensee shall not accept compensation from more than one party in a real
estate transaction, even if otherwise permitted by law, without full disclosure
to all parties.
5. Has
kept informed of current statutes and regulations governing real estate, time
shares and related fields in which he or she attempts to provide
guidance.
6. Has breached his or
her obligation of absolute fidelity to his or her principal's interest or his
or her obligation to deal fairly with all parties to a real estate
transaction.
7. Has ensured that
each agreement for the sale, lease or management of property or time shares is
contained in a written agreement that has been signed by all parties and that
his or her real estate broker and each party to the real estate transaction has
a copy of the written agreement.
8.
Has obtained all changes of contractual terms in writing and whether such
changes are signed or initialed by the parties concerned.
9. Understands and properly applies federal
and state statutes relating to the protection of consumers.
10. Has acquired knowledge of all material
facts that are reasonably ascertainable and are of customary or express concern
and has conveyed that knowledge to the parties to the real estate
transaction.
11. Has impeded or
attempted to impede any investigation of the Division by:
(a) Failing to comply or delaying his or her
compliance with a request by the Division to provide documents;
(b) Failing to supply a written response,
including supporting documentation, if available;
(c) Supplying false information to an
investigator, auditor or any other officer of the Division;
(d) Providing false, forged or altered
documents; or
(e) Attempting to
conceal any documents or facts relating to a real estate transaction.
Notes
NRS 645.050, 645.190, 645.633
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